On November 21, 2021, a fire at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $23,000. The following information was availible from the records of Hodge's periodicimentory system: Based on recent history. Hodges gross profit tatio on Product Tex is 40% of net sales. Required: Caiculate the estimated loss on the inventory from the fire, using the gross profit method Almaden Valiey Variety Store uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Requlred: Complete the table below to estimate the ending inventory and cost of goods sold for 2021, applying the conventional retail merhod using the information provided. (Round ratlo calculotion to 2 declmal places (L.e., 0.1234 should be entered os 1234%.). Enter emounts to be deducted with a minus slen.)